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Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you. Enter your credit cards, auto loans and other installment loans balances. Change the loan amount, term or rate to create a loan that will work within your budget.
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Definitions
- Credit cards
- Enter a total credit card debt and an average interest rate, or press the "enter data" button to enter up to 10 credit card accounts, one on each line.
- Auto loans
- Click on the "enter data" button to enter any auto loans you may have. The data page is designed to let you enter your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to three installment loans.
- Other loans
- Click on the "enter data" button to enter any additional installment loans you may have. The data page is designed to let you enter your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to six installment loans.
- Balances
- Your total current balances for your credit cards, auto loans and other loans.
- Interest rates
- The average annual percentage rate you pay. This interest rate is calculated for each of the categories of debt you have including credit cards, auto loans and other installment loans. For credit cards the rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time. NOTE: This calculator compounds all interest monthly.
- Payment
- This is your monthly payment. For credit cards your default monthly payment is calculated as 2% of your current outstanding balance. This amount can be adjusted to reflect a realistic monthly payment.
- Loan balance
- This is the amount of your new consolidated loan. Your loan balance will default to the total outstanding balances for your existing credit cards, auto loans and installment loans. You can adjust this amount higher or lower. Making changes to the default may result in paying more (or less) interest along with a change in your monthly payment.
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The Internet's Best Financial Calculators! Put them on your website!
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